- USDTHB : moving in the range 34.37 – 34.46 this morning, supporting level of USDTHB is around 34.40 resistance level is around 34.50
- SET Index: 1,647.7 (-0.75%), 2 Jun 2022
- S&P 500 Index: 4,108.5 (-1.65%), 3 Jun 2022
- Thai 10-year government bond yield (interpolated) : 2.98% (+2.22 bps), 2 Jun 2022
- US 10-year treasury yield: 2.96 (+4.00 bps), 3 Jun 2022
- US Economy Seen Adding 325K Payrolls in May
- Euro Area Retail Sales Unexpectedly Drop in April
- Germany Composite PMI Unexpectedly Falls in May
- China’s Private Sector remained Weak at Softer Rate
- US Futures Rise due to a robust US job report, Brent jumped
US Economy Seen Adding 325K Payrolls in May
The US economy likely added 325K payrolls in May of 2022 which would be the smallest job gain since April last year and would leave the economy less than 900K jobs below from its pre-pandemic level. This is a sign that the labour market remains resilient and is getting close to full employment. Meanwhile, wages are seen rising 0.4%, slightly higher than 0.3% in April but the annual rate is expected to have fallen to 5.2% from 5.5%, confirming inflationary pressures are easing but remain elevated. The unemployment rate probably fell to a new pre-pandemic low of 3.5% from 3.6%.
Euro Area Retail Sales Unexpectedly Drop in April Retail sales in the Euro Area decreased 1.3% mom in April of 2022, the first decline for this year as compared to the market forecasts of a 0.3% rise. Sales of food, drinks and tobacco dropped 2.6%, in a sign rising prices started to weigh on consumers' affordability. Sales of non-food products also declined (-0.7%) but spending on auto fuel increased 1.9%. Among the bloc's largest economies, the biggest decreases was seen in Germany (-5.4%). Year-on-year, retail sales in the Eurozone rose 3.9%.
Germany Composite PMI Unexpectedly Falls in May The S&P Global Germany Composite PMI was revised lower to 53.7 in May of 2022 from a preliminary of 54.6, pointing to the smallest albeit robust expansion in private sector activity so far this year. The services sector slowed (55 vs 57.6 in April) while manufacturing activity picked up slightly (54.8 vs 54.6). Overall inflows of new business showed the slowest rise for five months, partly reflecting a drag from falling demand for manufacturing goods.Employment remained a bright spot. Business confidence subdued towards the outlook. On the price front, data showed a further sharp rise in average charges for goods and services, albeit with the rate of increase easing from April's record.
China’s Private Sector remained Weak at Softer Rate The Caixin China General Composite PMI registered 42.2 in May of 2022, slightly better from the April's 26-month low of 27.2, amid easing of COVID-19 curbs in Shanghai and Beijing. Rates of reduction moderated across both the manufacturing and service sectors. New orders dropped the least in three months, while employment fell at the steepest pace since February 2021. On the cost side, inflationary pressures softened, with input costs rising the least since February.
US Futures Rise due to a robust US job report, Brent jumped The 10-year government bond yield (interpolated) on the previous trading day was 2.98, +2.22 bps. The benchmark government bond yield (LB31DA) was 2.87, +1.00 bps. LB31DA could be between 2.82-2.95. Meantime, the latest closed US 10-year bond yields was 2.96, +4.00 bps. USDTHB on the previous trading day closed around 34.39 Moving in a range from 34.37-34.46 this morning. USDTHB could be closed between 34.40-34.50 today. US stock rose and Japan stock wobbles on Monday as a US robust jobs report bolstered the FED’s aggressive stance against surging inflation. Brent crude futures jumped above $121 per barrel on Monday after Saudi Arabia sharply raised prices for its crude sales in Jul.
